NNPC owns 7.2% stake in Dangote Refinery, not 20%, says Aliko Dangote

The Nigerian National Petroleum Corporation (NNPC) Limited now owns 7.2% in Dangote Refinery and Petrochemicals Limited, not 20% stake initially planned.

The President of Dangote Group of Companies, Alhaji Aliko Dangote, stated this during a media parley at the refinery on Sunday.

According to him, the Nigerian oil company now owns only 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.

He said the NNPC has been unable to meet its obligations to provide the required fund to effect the 20% state, the reason its stake in the refinery is reduced to 7.2%.

Dangote said the NNPC has only paid purchase consideration for 7.2% and was expected to pay the balance in June, however, they declined to proceed beyond the 7.2% stake.

“The agreement was actually 20% which we had with NNPC and they did not pay the balance of the money up till last year and then we gave them another extension up till June (2024) and they said that they would remain where they have already paid which is 7.2%. So NNPC, the government (sic) owns only 7.2% not 20%.” Dangote stated.